It's hard to imagine any sort of culture of independence and solid work ethics when you have to live with your parents until you're 30.
Via IBD, emphasis mine:
We keep hearing the job market is "improving" or even "solid," with 162,000 new positions created in July and unemployment falling to 7.4%, the lowest since 2008.
But one group is sitting it out. And it's the one that most enthusiastically embraced Barack Obama in both of his presidential elections: America's young.
Their unemployment rate is a shocking 16.1%. Increasingly, those ages 18 to 29, the so-called millennials, are being left out of the market, with tenuous or no ties to the workplace. Just 43.6% of this group have full-time jobs, according to Gallup.
So what are they doing? As a new Pew Research report shows, many are just hanging around their parents' houses; 21.1 million young Americans live with their folks, more than ever.
Over at Power Line blog, Joe Malchow crunched some not-very-pretty numbers on youth labor-force participation. Participation among 18-to-19-year-olds has declined 11.3% since Obama took office. For those ages 20 to 24, it has dropped 3.4%.
These are the biggest declines for any age cohort. And if they aren't bad enough, teen unemployment among blacks is an unbelievable 41%.
This was a key point made during the 2012 election by Republican VP nominee Paul Ryan:
But apparently Americans hadn't learned their lesson yet. Do you think we ever will?
- Unemployment Issues
- Politics & Government
- Barack Obama